Cirrus Logic Q1 Results Trounce Estimates

(RTTNews) - Cirrus Logic, Inc. (CRUS) reported net income for the first quarter of $33.4 million or $0.50 per share, compared to $10.2 million or $0.16 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $36.1 million or $0.54 per share, compared to $23.6 million or $0.37 per share in the prior year quarter.

Net sales for the first quarter rose to $282.63 million from $152.57 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.43 per share on revenue of $260.73 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $290 million to $310 million and gross margin of 45% to 47%. Analysts currently expect the company to post revenue of $274.21 million for the second quarter.